Ethereum price will be at risk if it falls below key support levels.
Ethereum has noted high trading volatility, sparking investor concerns about further declines.
Despite ongoing concerns, many remain bullish on ETH’s long-term prospects.
Ethereum price has seen highly volatile trading recently, fluctuating between $2,600 and $2,300. However, during this period, a prominent crypto market has highlighted a key support level, a break below which could trigger further selling in the Ether market, potentially dragging its price down. In addition, a series of factors are also at play that could affect the price of ETH in the coming days.
Ethereum price at risk of further decline
In a recent analysis shared on the X platform, Ali Martinez, a well-known crypto expert, identified $2,300 as a key support level for Ethereum’s price. He noted that more than 2.4 million addresses bought 5.6 million ETH at this level.
That being said, he predicted that if Ether falls below that level, it could spark a sell-off as investors may choose to minimize their losses. In other words, Martinez issued a stark warning that a break below the $2.3K level could lead to a further drop in ETH prices.
In another analysis, Martinez said that whenever Ether falls below its TD setup support trendline, it tends to see strong correlation. Considering past patterns, the average magnitude of such declines is about 53%, which could spell trouble for the cryptocurrency. In the analysis, he noted that if the second-largest cryptocurrency by market cap loses support at $2,250, a significant price drop could follow.
However, despite this, some analysts remain bullish on the long-term potential of cryptocurrencies. A popular cryptocurrency analyst, known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X, said that Ethereum is now in the final stages of its accumulation process, preparing for a major bull run in 2025. He cited historical trends to support his comments.
What’s next for ETH price?
Ethereum prices have been highly volatile over the past few days, as evidenced by its recent performance. In addition, the slowdown in inflows into US spot ether ETFs has also raised concerns about market participants’ interest shifting from ETH to other top altcoins.
However, despite this, many in the crypto market remain bullish on the second-largest cryptocurrency by market cap. Historical data shows that the crypto market has shown a positive performance in the last quarter of the year. In addition, the upcoming U.S. presidential election may also push ETH prices higher in the coming days.
Meanwhile, Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, also recently shared bullish sentiments. According to him, if Donald Trump wins and continues his pro-crypto stance, Solana price could surge 5 times by 2025. Meanwhile, for Ethereum, he predicts BTC will surge 4 times and ETH will surge 3 times, sparking market optimism.
Furthermore, Ethereum price predictions suggest that ETH could rise by around 11% by December this year. This has sparked speculation and optimism among investors, especially as the market keeps a close eye on cryptocurrency prices.
It should be emphasized that this article is for reference only and does not constitute investment advice.
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